Renaming Android Studio Project and Main Package

Content of this blog post has been tested with Android Studio 2.0.

Changing Project Name

• Open Project Window (View → Tool Windows → Project or Alt + 1)
• By default Project window shows the Android view change it to Project view with the drop down menu at top left. 

•  Right click on project root → Show in Explorer.
• Close Android Studio.
• Go into project folder.
• Change .iml file to new name that you want to have for the project.
•  Change the project folder name to new name which is same name of .iml file.
• Start Android Studio
• Click on “Open an existing Android Studio project”
• Find & select the renamed project, then “Ok”

Changing Package name

• Right Click on package name (I tried this on main package)
• Refactor
• Rename
• Rename Package
• Type new name & click Refactor
• Click on Do Refactor 

After doing this I have observed changing the main package name successfully renamed other two packages (androidTest & Test) during refactoring process. Although Generated files like AndroidManifest.xml also had correct values strings.xml file had old project name for the string element with attribute “app_name”.
Above experiment was done on a very small project.